Raw data is useless. To unleash its full benefits, data analytics is important. However, analytics isn’t as easy as looking at the information and deriving a conclusion. In most cases, you will need the right tools. Keep on reading and we’ll talk about some of the best data analytics tools every manager must utilize.
- Data Visualization Tool
To make data easier to comprehend, managers should use graphical representations. Visual elements like charts and graphs will make it easier to present complex information. Not to mention, it will also increase engagement compared to using blocks of texts or numbers. It is considered a branch of descriptive statistics.
If you want to learn more about data visualization and how to implement it in a business, consider taking a data analysis for management course. With the latter, you will also learn how to make better data-driven business decisions.
- Text Analytics Tool
Also known as text mining, text analytics is the process of drawing conclusions out of written communication. From emails to social media tools, it derives valuable information using texts. Reading these texts won’t be enough to carry out a thorough analysis. Managers should use text analytics tools to make the most out of unstructured data.
- Video Analytics Tools
Aside from texts, managers also need to evaluate videos. Video analytics relies on pattern recognition and motion detection to pull valuable data from videos. It is also effective for measuring and tracking behavior. You will most probably not have the luxury of time to manually watch a long list of videos, so the right tools will extend a helping hand.
- Data Transformation Tool
For managers to maximize the value out of available data, it should be clean. This is where the importance of data transformation tools will become apparent. It converts data from one form to another structure. The goal is to convert it into information that will be more valuable for decision-making or any other purpose.
- Correlation Analysis Tool
Managers should use correlation analysis to determine the link between two variables. If there is a link, a correlation analysis tool also examines how strong such a relationship is. This will help managers to test their assumptions and prove that two variables are indeed connected. By drawing correlations, managers can leverage business resources while maximizing profitability.
- Regression Analysis Tool
Effective data analytics requires the use of statistical tools, including regression analysis. It uses a set of techniques to evaluate the relationships of two or more samples. It determines the statistical relationship between variables. Managers can use regression analysis in conducting marketing research, especially in analyzing trends.
From data visualization to regression analysis, this article listed some of the best tools for data analytics. Every manager should learn how to use these tools to make sense of massive amounts of data available, and in the end, make better business decisions.